PSEG Acquires Two Solar Projects from BayWa r.e.

PSEG Solar has announced that it has purchased two North
Carolinasolar farms being developed by BayWa r.e. Construction began last
month on Five Forks Solar, which will be a 25.9 MW-dc facility when completed,
and North Halifax Solar, which will be a 26.9 MW-dc facility. Both facilities
are expected to go into service during the fourth quarter of 2019. The
acquisition represents a total investment of approximately $65 million.

The Five Forks project is located in Warren County,
N.C., about 60 miles northeast of Raleigh, N.C. The North
Halifaxproject is located in Halifax County, N.C., about 80 miles
northeast of Raleigh. Each project has a 10-year power purchase agreement
with Virginia Electric Power Co.

These are the fifth and sixth solar projects that PSEG Solar
Source has undertaken with BayWa r.e., who will oversee the engineering,
procurement and construction for the projects and also provide operational and
maintenance services when the solar farms go into service.

“This project is
another great opportunity for us to partner with BayWa r.e. They are a
first-class developer,” said Sarah
Hetznecker, president of PSEG Solar Source. “We continue to pursue projects that will grow our renewable energy
business. This acquisition is another example of PSEG’s commitment to being a
leading clean energy provider.”

More than 75,000 monocrystalline solar panels will be
installed at the Five Forks facility, while the North Halifax facility
will require the installation of approximately 78,000 solar panels. The panels
will be mounted on single-axis tracking systems that follow the sun’s path to
optimize generation.

“BayWa r.e. is
proud of our continued relationship with PSEG in announcing these transactions.
PSEG has been a leader in renewables investment and commitment to greening the
PJM grid and our partnership continues to grow,” said Jam Attari, CEO of BayWa r.e. Solar
Projects LLC. “As a global
renewable energy company, we’re committed to delivering best-in-class projects
that leave a positive footprint in the community, and provide a sustainable
return on investment to key stakeholders and partners.”

This latest purchase will bring the PSEG Solar Source portfolio to 25 utility-scale solar facilities located in 14 states, including eight in North Carolina. Those facilities have a total capacity of 414 MW-dc in operation, with these two projects adding 53 MW-dc in construction.

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